Procter & Gamble Co. Q2 income drops in line with estimates

Gold Sees Modest Gains Amid Dollar Weakness

Gold prices were seeing modest gains on Thursday, snapping a three-day losing streak.

Spot gold rose 0.3 percent to $1,910.29 per ounce while U.S. gold futures were up 0.3 percent at $1,911.75.

Prices found support near the $1,900 mark amid a softer U.S. dollar and growing risks of a harder landing for the U.S. economy.

The dollar slipped against a basket of currencies after a raft of data showed the world’s largest economy was rapidly losing momentum towards the end of last year.

December retail sales fell by the most in a year, producer prices fell more than expected and industrial production was down across sectors except defense, raising concerns about consumer spending and the health of the economy.

Many are hoping for the Federal Reserve to slow, or entirely pause, rate hikes this year despite hawkish comments from few Fed officials on Wednesday.

Speeches by ECB President Christine Lagarde and some Fed officials at Davos along with U.S. reports on weekly jobless claims, housing starts and Philadelphia-area manufacturing activity may sway sentiment as the trading day progresses.

Daqo New Energy Says Its Xinjiang Daqo Prelim FY22 Earnings Surge

Daqo New Energy Corporation (DQ), a Chinese maker of polysilicon for solar PV industry, said on Thursday that its arm Xinjiang Daqo New Energy estimates a surge in earnings for the fiscal 2022.

According to its preliminary estimates, Xinjiang Daqo expects full-year net profit of around RMB19 billion to 19.2 billion, compared with last year’s RMB5.7 billion.

Daqo New Energy currently owns 72.7 percent of Xinjiang Daqo.

M&T Bank Corp. Q4 Profit Rises, but misses estimates

M&T Bank Corp. (MTB) announced earnings for its fourth quarter that increased from last year but missed the Street estimates.

The company’s earnings came in at $739.13 million, or $4.29 per share. This compares with $434.17 million, or $3.37 per share, in last year’s fourth quarter.

Analysts on average had expected the company to earn $4.33 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

M&T Bank Corp. earnings at a glance (GAAP) :

-Earnings (Q4): $739.13 Mln. vs. $434.17 Mln. last year.
-EPS (Q4): $4.29 vs. $3.37 last year.
-Analyst Estimate: $4.33

Truist Financial Corporation Reveals Advance In Q4 Profit

Truist Financial Corporation (TFC) revealed earnings for its fourth quarter that increased from the same period last year

The company’s earnings came in at $1.61 billion, or $1.20 per share. This compares with $1.52 billion, or $1.13 per share, in last year’s fourth quarter.

The company’s revenue for the quarter rose 11.5% to $6.21 billion from $5.57 billion last year.

Truist Financial Corporation earnings at a glance (GAAP) :

-Earnings (Q4): $1.61 Bln. vs. $1.52 Bln. last year.
-EPS (Q4): $1.20 vs. $1.13 last year.
-Revenue (Q4): $6.21 Bln vs. $5.57 Bln last year.

U.S. Business Inventories Increase In Line With Estimates In November

Business inventories in the U.S. increased in line with economist estimates in the month of November, according to a report released by the Commerce Department on Wednesday.

The Commerce Department said business inventories rose by 0.4 percent in November following a revised 0.2 percent uptick in October.

Economists had expected business inventories to climb by 0.4 percent compared to the 0.3 percent increase originally reported for the previous month.

The increase in business inventories largely reflected a surge in wholesale inventories, which jumped by 1.0 percent in November after climbing by 0.6 percent in October.

Retail inventories also inched up by 0.1 percent in November after falling by 0.4 percent in October, while manufacturing inventories were unchanged after rising by 0.4 percent in the previous month.

Meanwhile, the Commerce Department said business sales slumped by 0.8 percent in November following a 0.4 percent increase in October.

Retail sales tumbled by 1.1 percent in November after jumping by 1.0 percent in October, while wholesale and manufacturing sales both slid by 0.6 percent.

With inventories rising and sales falling, the total business inventories/sales ratio increased to 1.35 in November from 1.33 in October.

Oil Extends Losses On Demand Concerns

Oil extended losses on Thursday as weak U.S. economic data stoked recession fears and industry data showed another surprise build in U.S. crude stocks.

Benchmark Brent crude futures dropped 0.9 percent to $84.22 a barrel while WTI crude futures were down 1.1 percent at $78.91.

Data on Wednesday showed U.S. retail sales fell by the most in a year in December, raising concerns about consumer spending and the health of the economy.

Weak readings on producer prices and industrial production for the month also stoked concerns about the outlook for fuel demand.

It is feared that sharply higher interest rates will weigh on the U.S. economy in 2023.

Few Fed officials signaled on Wednesday that they would push on with more interest rate hikes, adding to worries about a widespread economic downturn.

Meanwhile, data from the American Petroleum Institute (API) showed U.S. crude inventories rose by 7.6M barrels during the week ended January 13, defying expectations for a drop in investors for a second week in a row.

The API reported a crude build of 14.865M barrel in the previous week to January 6.

Procter & Gamble Co. Q2 income drops in line with estimates

Procter & Gamble Co. (PG) announced earnings for second quarter that decreased from the same period last year in line with the Street estimates.

The company’s bottom line totaled $3.93 billion, or $1.59 per share. This compares with $4.22 billion, or $1.66 per share, in last year’s second quarter.

Analysts on average had expected the company to earn $1.59 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 0.9% to $20.77 billion from $20.95 billion last year.

Procter & Gamble Co. earnings at a glance (GAAP) :

-Earnings (Q2): $3.93 Bln. vs. $4.22 Bln. last year.
-EPS (Q2): $1.59 vs. $1.66 last year.
-Analyst Estimates: $1.59
-Revenue (Q2): $20.77 Bln vs. $20.95 Bln last year.